BNY announced the launch of the BNY Dreyfus Stablecoin Reserves Fund, a new government money market fund designed to support the rapidly expanding U.S. stablecoin ecosystem as regulatory clarity and institutional adoption accelerate. The introduction of the fund marks a major expansion of BNY’s leadership in digital assets. It provides a new regulated vehicle for stablecoin issuers operating under the recently enacted GENIUS Act.
The fund, known as BSRXX, will allow U.S. stablecoin issuers and qualified institutional investors to hold eligible reserves in a regulated structure. While it supports the reserve requirements under the GENIUS Act, the fund does not invest in stablecoins. Instead, it provides a compliant liquidity solution for issuers that must maintain high-quality assets behind their tokens. The new framework is expected to catalyze substantial market expansion, with industry analysis projecting that stablecoins could reach a market size of $1.5 trillion by 2030.
BNY highlighted that cash remains foundational to the digital asset ecosystem as institutions move toward a continuous settlement environment. The firm noted that stablecoins can play a key role in the evolution of global financial infrastructure as clients increasingly seek efficient, regulated, and transparent liquidity tools.
Anchorage Digital, the first federally chartered crypto bank in the United States, provided the initial investment for the fund. The company partners with institutions that transact in digital assets and views the new fund as a milestone for regulated stablecoin infrastructure.
BNY Investments Dreyfus, the liquidity solutions provider affiliated with BNY, operates as one of the ten largest U.S. money market fund sponsors, enabling stablecoin issuers to use regulated money market funds as eligible reserves. Liquidity Direct, BNY’s institutional liquidity platform, will serve as the flagship access point for the new offering.
The GENIUS Act, enacted in July 2025, established the first federal regulatory framework for U.S. stablecoin issuers. It outlines the assets that issuers may use as reserves and positions government money market funds, such as BSRXX, as a central component of the new compliance landscape. BNY’s longstanding infrastructure in digital assets further reinforces the fund’s position, with the company supporting more than eighty percent of digital asset exchange-traded products across major global markets and administering more than half of tokenized fund assets worldwide.
The company’s digital asset strategy builds on its broader role as a global financial services provider. BNY oversees $57.8 trillion in assets under custody and administration, and $2.1 trillion in assets under management, partnering with major corporations, pension plans, governments, and financial institutions worldwide.
KEY QUOTES:
“Cash is the cornerstone of the digital asset ecosystem, enabling global capital markets to move toward an always-on, 24/7 environment. Stablecoins are at the forefront of this profound transformation, and we are proud to provide our liquidity leadership and expertise to stablecoin issuers with the launch of the BNY Dreyfus Stablecoin Reserves Fund.”
Stephanie Pierce, Deputy Head of BNY Investments
“Anchorage Digital is proud to provide the initial investment for this important initiative. BNY’s leadership in liquidity and the GENIUS Act framework together mark a new chapter for stablecoin infrastructure in the U.S. As the first federally chartered crypto bank, we see efforts like this as essential to bridging the trust, transparency, and regulatory rigor that will define the next era of digital finance.”
Nathan McCauley, Co-Founder and CEO of Anchorage Digital
